we have picked ourselves up. we have fought our way back. >> tears in triumph. >> i'm really proud of all of you. >> grace in defeat. >> i pray that the president will be successful in guiding our nation. >> and a shocking resignation. >> this news is truly stunning. did david petraeus' extramarital affair compromise intelligence? with washington still divided after tuesday's election, can the president and congress find common ground on the fiscal cliff, immigration and other big issues? we'll ask our headliners, the vice chair of the senate intelligence committee, republican saxby chambliss and the senator responsible to adding to the democrat majority, senator patty murray. and our powerhouse round table, with

representatives donna edwards and aaron schock, paul gigot, katrina vanden heuvel and greta van susteren. hello, again. what a week in politics. with his victory in florida yesterday, president obama now has a sweep of the battlegrounds. 332 electoral votes. losing only indiana and north carolina from his 2008 total. the popular votes are still coming in. the president will come up about 8 million short of his 2008 tally. but, he's holding about 3 million advantage over mitt romney. we'll discuss how obama did and what's next for the gop and the governing challenges ahead? but first, that friday afternoon bombshell. david petraeus resigns at the cia after the fbi uncovers his extramarital affair. pierre thomas is here with the latest. first came upon this several

months ago. >> yes, it came to light after a woman in tampa tied to military got a peculiar, harassing e-mail. the woman was so concerned, she contacted the fbi, who, then, according to our sources, traced it back to paula broadwell, who wrote a book about petraeus. as the fbi continued to investigate, they discovered e-mails pointing to a romantic, sexual relationship between the two. early concerns about the e-mails being hacked. but the investigation never turned up evidence of national security being compromised. but what did find was lots of human drama. >> what more do they have to investigate now and why wasn't the white house told until this week? >> the fbi investigation is largely done and the early evidence is that there will not be criminal charges. again, sources say that this deinvolved into a personal matter. petraeus had been confronted in

the last couple of weeks, as for the timing of the disclosure, one official said that's just how it played out. george? >> all right, pierre. let's turn to saxby chambliss and patty murray. thank you for joining us. senator chambliss, when did you first find out about this investigation of general petraeus and what were you told? >> well, i was not told about it until friday. you know, the intelligence community became aware of it on tuesday. actually, late afternoon on tuesday. and then, by the time it sifted through the appropriate channels, through the white house, we were told on friday. >> so, you know, one of your colleagues congressman peter king, chair of homeland security in the house said that fbi director had an obligation to go to the white house and inform

the relative authorities, earlier, do you agree with that? >> well, listen, david petraeus is a great leader, a great patriot. and he's a guy who has probably contributed more to the safety of the united states of america over the last decade than any one, single individual and he's a good leader. and what leaders do, when they're put in a difficult position is, they lead. and he led here by doing what he thought was the right thing. and i think he did do the right thing. i don't think there's any question. but it would have been very difficult to continue in his position, if he had subordinates who engaged in similar actions. i knew that was his thought process. i think that's the right process. >> two more quick questions then i want to move on to senator murray. was general petraeus straight with you and the committee during the confirmation process?

generally there's a vetting that asks these kind of questions before someone is confirmed as cia director. i know that he's not going to appear before your committee next week to discuss the situation in benghazi, do you want to hear from him at some point? >> well, we have had a conversation, you know, he's trying to put his life back together right now and that's what he needs to focus on. his very capable deputy, mike morrell, is going to be testifying next thursday. that's fine. because he certainly was there when all of the decisions for made relative to benghazi. at the end of the day, i wouldn't rule out general petraeus being called to testify. >> and you're confident he told the truth during his confirmation hearings? >> oh, absolutely, i am.

i don't know the exact date when all of this process began and what took place there, but we're -- we're confident that david petraeus was very straight up with us during the confirmation hearings. senator murray, you're a member of the democratic leadership, do you have any concerns with how this was handled? >> well, first of all, george, great to be you and saxby chambliss. i would remiss if i didn't thank all of the men and women who serve this country on this day. i think senator chambliss has said it very well. and i think general petraeus has served our country incredibly well. like all men and women who have served our country, we owe him a debt of gratitude. >> one thing that's all coming on quickly, the negotiations over the fiscal cliff, if congress doesn't do something, we'll have spending cuts on january 1st, tax increases.

likely to cost every american family $2,000. senator murray, let me begin with you, we heard from the speaker and the president. speaker boehner said tax hikes aren't acceptable. president obama said that he won't sign any extension for tax hikes on the wealthy. senator mcconnell the republican leader in senate said that he won't raise taxes to turn off those spending cuts. if senator mcconnell and speaker boehner don't bend, do you still believe the president should go right up to the brink and over the fiscal cliff? >> here we are, our country has a tremendous debt and deficit problem. we also have a challenge in making sure that we educate our workforce, we need to make sure we care for our veterans who need that care today. we need to have research and we need to be able to compete in a global marketplace, those investments are important. everyone who has looked at this, including the supercommittee that i served on, said we need to have revenue as part of the

solution to this problem as well as looking at entitlements and spending cuts. what has been the missing ingredient in congress to date is revenue and make sure that it's fairly distributed and the wealthy pay their fair share. that's what we face right now. if our republican counterparts can step forward with that revenue piece we'll be able to find a solution. >> and if not, go off a cliff? >> well, clearly, we have the ability between now and the end of the year to not go off the cliff, but we can't accept an unfair deal that piles on the middle class and tells them they have to support it. we have to make sure that the wealthiest americans pay their fair share. we just had an election where president obama ran on that. we increased our majority in the senate with democratic candidates who said that to solve this problem, wealthy americans have to pay

their fair share, too. if the republicans won't agree to that, we'll reach a point in the year, where all of the tax cuts expire, and we'll start over next year. >> and senator chambliss, you said there could be riots in the streets if this isn't done yet. so what is the right way to do it? you just heard senator murray the defining principal for the democrats is, the wealthy are going to have to pay more. >> well, what's going to have to happen, george, is, because there's no silver bullet, as was discussed in the simpson/bowles commission and recommendation of the commission to do this -- we got to look at cutting spending. we still spend way too much money in washington. what's choking our economy and what's choking the economy of greece, and this is why i

figured to it the way that i did, even though it was a figure of speech, entitlements are choking us and we've got to make the real reforms to make sure that we do it right. we protect these programs and thirdly, speaker boehner said it very well, i thought he showed great leadership that revenues need to be on the table. again, though, we need to do it in the right way. bowles/simpson said reduce the reductions where you can, lower tax rates by doing that. and i think, at the end of the day, what's going to happen, george, we got to get this economy going again. we have had an outside group ernest and young look at raising of taxes on the highest income earners. what a they concluded was, we would immediately lose 700,000 jobs in america. is that the kind of economy that this president wants to start out with in his second term? i don't think so. president obama said two years

ago, now is not the time with a sluggish economy to raise taxes. we need to consider the fact that folks who started raising taxes on the business creators. there's a right way to do this and there's a wrong way to do it. and speaker boehner was absolutely correct that, you do have to have revenues on the table. that does mean raising taxes. >> senator murray, let me come back to you. you said that the best way might be is, go off the cliff, have the tax cuts expire and then come back. that could have an impact on economic growth. equity markets will drop during the month on december. >> look, no one wants to go off the fiscal cliff, but, a fair deal is absolutely critical here, i'm delighted to hear speaker boehner and i know senator chambliss has said

repeatedly that revenue has to be a part of it. that's a good step forward. but how that revenue is collected a critical. if it's just eliminating tax loopholes that affect middle-class families and they don't have a mortgage deduction or a charitable deduction or we raise their co-pay on medicare. all of that revenue falling on the middle class isn't a fair and balanced way to get to a deal. so, how that is distributed is a critical part of that. we have a way to do this. the senate has already passed a bill that extends the tax cuts for 98% of americans, and if the house will pass that bill, we're well on our way to working towards a solution before that fiscal cliff. >> senator chambliss, the president called for that on friday as well. do you think that the house should pass that bill that has already passed the senate? >> no, i don't think so. it was a party-line vote in the senate and that's not the kind

of common ground that we need to work towards. we should ultimately get a big vote in the house and the senate to fix this problem, george, and doing it on a party-line vote is obviously not getting a big vote. we need to put politics aside. the election is over. president obama has won. it's now time for him to lead and leading should not be do it my way or we're not going to do this. leading means, you sit down around a table and make the hard and tough decisions. patty was on the supercommittee. i have been involved in the gang of six. these are very, very, difficult issues to deal with and ultimately it's going to boil down to reforming entitlements and revenues. if we don't put politics aside then we're not going to solve it. it's imperative that we look at it right way now. >> bottom line for each of you. senator murray and senator chambliss. senator murray, you go first. does this get done by december 31st? >> i believe we have opportunity do that.

senator chambliss is right, it needs all of the ingredients. we need to look at every aspect to put it together. but the one key issue that hasn't been resolved is how we put revenue into that. i would be delighted to look at a plan that puts revenue on the table in a way that's fair and balanced and if we can do that, we can get to a deal. >> senator chambliss? >> well, i think the process can be put in place. obviously, tax reform is going to be a major part of this. the other issue, that's critical for revenues to come on the table is a big number in entitlement reform and we're not going to reform entitlements over the next 45 days. but, george, we can put a process in place and i certainly hope that happens. and i think it will. i mean, we have to be responsible to the people who sent us to washington and this is one of those difficult times that you

actually hope for, because we have the opportunity to change the fiscal course of america. and we need to step up and do the right thing now. but most importantly, do it in the right way. >> senator chambliss and senator murray, thank you very much for your time this morning. and stand by for our powerhouse roundtable. so much to talk about it. they're ready to weigh in on the petraeus scandal, president obama's second term and the comeback strategy for the gop and that all starts in 90 seconds. by working people. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference.

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let's build a smarter planet. we're back now with our powerhouse roundtable. joined by greta van susteren of fox news. representatives donna edwards of maryland and aaron schock of illinois, i think you're still the youngest member. >> at least for now. >> katrina vanden heuvel and paul gigot. let's talk about this big surprise that came out on friday, general petraeus having resigned. greta we heard from pierre thomas earlier. that investigation seems to have played itself out. where else does this go? >> well, if he is called as a witness to testify on capitol hill, i'm an old-time criminal defense lawyer, when i heard this, i worry about whether or not, in any sort of investigation, if he said anything that would have jeopardized him at all criminally. that's the worst-case scenario.

defense lawyers always freak out. >> that's why i asked senator chambliss the question, during the course of a background investigation of cia director, you might get a question about -- >> remember what happened to martha stewart. she was investigated for insider trading. never charged with that. but she was charged with lying to a federal officer. >> but we have no evidence -- >> right. >> you hear, paul gigot, so many people saying, there might have been concerns. but this was so stunning to so many people. >> sure it was. i have gotten to know him professionally and a little bit socially over the years. he's a very cautious man. he's have shrew politically. he knew how to operate in washington and this is a stunning mistake in judgment. it's a loss for the country. he served his country, salvaged iraq the country. was doing a good job at the cia.

now, robs the president of one of his seasoned veterans. a real problem that we're losing him. but it's a lapse judgment that's surprising. the private gmail account that apparently that paula broadwell had access to, i think raises real security questions. >> david petraeus, in his rules for living, someone is always watching. >> dianne finestein said that, she wished he didn't resigned. but he had no choice. >> i think he didn't have any choice. >> katrina, i know that you don't agree -- >> i think this is a personal matter. you know, it's a tragedy for the family. but i do think, it's kind of interesting to watch the coverage. because there's such venn ration

for david petraeus. you would think the worst thing that the cia has ever done is engage in an extramarital affair. i think general petraeus was the architect of a failed counterinsurgency program. i think it's time for our media to pay less attention to extramarital affairs and we need to pay more attention to scandals or concerns like that and also the escalation of the drone war. which the general made a big part of his portfolio. >> you're talking about the failure, talking about afghanistan earlier -- >> talking about iraq as well. because of the counterinsurgency. he was really bargaining with the sunnis and certainly the countinsurgency in afghanistan hasn't proven to be effective. we can argue, i think, is going to fuel a backlash. >> but he gave that statement. he went to capitol hill on september 14th and gave the video protest as the explanation for what happened in benghazi,

when two days earlier, his station chief on the ground in libya, it was not a result of a protest. he'll have to answer to those. >> the other thing, one of twists here, congressman schock, an fbi whistleblower went to your number two in the house, congressman eric cantor, and said that there concerns there that this was being covered up. and not brought to the white house. do you have them? >> well, i think we'll find out more. right now, it's all speculation. we don't know when the affair began. some of the questions that he was asked during the vetting process he may have been untruthful. it's tragedy. he was well respected by the bush administration, rewarded by the obama administration. it will make for an exciting lame-duck season. >> any concerns with how this was handled? >> no. i think that general petraeus, you know, this is a personal

problem, i think he was required to resign, you can't have that kind of infidelity come forward and raise national security concerns. on the flip side, though, i do think that the cia will have the capacity and will be able to respond to questions on capitol hill regarding benghazi and i think those are actually two very separate things and we'll get the oversight on benghazi and libya over these next several weeks and then, general petraeus will have a chance to put his life together. >> it could create complications for president obama as he puts together his national security team. i want to put up a chart right now. we know that secretary of state clinton was planning on leaving. secretary of defense. secretary of treasury is going as well, perhaps the attorney general. and the chief of staff. greta, this is one hole that the president didn't expect to have in january. >> but, this is also quite a serious matter, this guy was in charge of intelligence. this was --

if you look at benghazi, there was an act of terrorism on 9/11. here's our most important person in our intelligence community. the problem is a personal problem with someone who's extremely important and we don't know to what extent jeopardized or made him vulnerable. it's not unreasonable to be very suspicious that we don't have all of the information. >> you know, listen, i think the relationship between president obama and general petraeus has been a rocky one. don't forget, over at your network at fox, he was your candidate for a while. he was going to be the republican candidate. >> you keep your foes close. but i also think that there are many people who can fill this hole. i wished there was a different approach to foreign policy. a less militarized one. that emphasizes political solutions. >> can i say one thing? for many journalists at our news

organization, we have world renowned journalists. let me say, there are a lot of people who vework very hard at r organization. >> when did the fbi really start to know about this and how up -- >> several months. >> -- presumably the fbi director knew, did they tell the white house council office? >> and the judge who might have signed the warrant to get these records. >> to be told tuesday at 5:00 p.m. on election day, frankly, it doesn't pass the smell test. >> that's why i asked senator chambliss about that as well. he insist he wasn't told until friday. we have the evidence that some whistle blower came forward. lots more roundtable coming up. more on the fiscal cliff. who has the upper hand there? deal or deadlocked? plus president obama sweeps the battlegrounds. did mitt romney throw away a winning hand?

were you surprised by the results? >> a little. i mean, come on, republicans, what happened? 8% for this $5. i even gave you a one-debate head start. i mean, on top of that, i'm black. but you still couldn't take me out. [ male announcer ] introducing the new dell xps 12.

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♪ i have order to vietnam forces which raise our fighting strength to 125,000 men almost immediately. >> people got to know whether or not their president is a crook. well, i'm not a crook. >> we did not, repeat, did not trade weapons or anything else for hostages. nor will we. >> i did not have sexual relations with that woman, miss lewinsky. >> brownie, you're doing a heck of a job, the fema director is working 4/7. >> every second terms get one -- the greatest hits of the second term. right there. president obama avoid the second term -- but first, let's talk about the election. katrina vanden heuvel, first,

from "the nation," a lot of polling showed that the president was going to win, i think a lot of people were surprised of how sweeping the victory was in the battleground states, in the electoral college. >> i think you saw the coalition, the rising electorate of latinos, african-americans, woman, and you also saw an element, george, of fairness. two visions competing. you're on your own jack, mr. romney, the walking talking 1% put out there. and president obama who said, we're in this together. you saw in ohio, the most important state, president obama, sherrod brown returns to office, speaking to issues about fairness, the role of government, these are important issues, and then on the other side, you had a republican party, a discredited brand with a shrinking base out of touch with the values. >> so, when you talk about this

senate coalition -- let me bring to paul gigot, was this a race that mitt romney could have won? >> of course, he could have won. he only lost by 100,000 votes in ohio. he lost by less than in florida, 70,000 in florida. lot closer than katrina suggest it was. $100 million unanswered ads can do to an alternative candidate. mitt romney ran as a biographer candidate. but what the obama campaign did was they systemically destroy that biography. he never recovered from the summer in the exit polls, romney still had a net unfavorable rating. in the exit polls, it actually was a net-unfavorable. this was more about a flawed messenger than a flawed message.

there are brobs the immigration position of the republican party. but fundamentally, mitt romney never made the sale. one other thing is stunning, you looked at the economy and the exit polls, still blame george w. bush for the economic problems. 53%. romney never separated himself from george bush. >> i wanted to get greta. you talked about that period from april to august where mitt romney was outspent in all of the battleground states. some second-guessing going on. should he have reached into his own pocket and spent his own money? >> if they wanted to win, clearly they needed to respond somehow, they didn't. and that was a strategic mistake by the campaign. >> he got beaten. he completely ignored the hispanic vote. never seemed to have any effort to bring the hispanic vote into the tent. that was a huge mistake. he's feeling it. it wasn't such a huge margin. electorally it was a huge margin. over 100 votes in the electoral college.

oh, no, that's huge. but if you look at the popular vote across the country it wasn't that big. the president clearly won. house got extra. senate got extra. the democratic party won. but it wasn't such a huge resounding -- we have a lot of problems facing this country. the fiscal cliff being one of them that's descending upon us, the president won, governor romney's campaign didn't do a good job. and they certainly didn't do anything about the hispanic vote. >> another thing that the president's team did, congresswoman edwards, was this organization throughout the battleground states, they made sure they made the most out of every single voter out there. >> they did. they had a huge get out to vote operation. they were really going after low propensity voters. you could pull together that coalition of women the president won, the latinos won. the president actually won

middle class. i think it was a decisive electoral college vote. and frankly, the popular vote as well. when you look at florida, the difference between a bush win in florida, 537,000 votes, and obama win in florida, 74,000 it was a pretty decisive victory for democrats across the board. house and senate. even in the house, we picked up seven seats and, you know, that's not enough to take the majority. but it's really pretty clear that the public got the president's message. he got it across. >> congressman schock, there are young people under 30, also went heavily toward president obama, what lesson does your party have to take away from all of this? >> we have to do a better job with young people and women. but the group that we really have to zero in on, i believe, is the latino community a group

that should be voting for republicans. we take a leadership role on the issue of immigration. i think it makes sense for republicans to get out in front on immigration, because it's a broke government program. it shouldn't take eight years on the average to figure out whether or not you qualify to be an american citizen. i think george w. bush was trying to do that pre-september 11th. i think it's unfortunate that our party when we controlled the entire process didn't do more on the issue. i'm disappointed in the president in his first four years, didn't put forward a comprehensive immigration proposal. and i think the mandate that came out of this election, after $2 billion being spent, we get the status quo is to work together. >> i don't think -- this was not a status quo election. this was a decisive win for a different set of values. both the social values, the issues of immigration, fairness and dignity, but also of rebuilding a middle class that has been really hit

hard in these last 30, 40 years, so that is not a status quo election. >> if the economic issue were the only issue -- >> but it wasn't. the social issue as well. >> the president has a tough argument to brag on the economy. he had a real tough argument this time. it hasn't been vibrant or robust. that's what governor romney ran on. obviously, the voters weren't particularly impressed -- >> but one of the things that might have been happening at the end, you had consumer confidence going up, good job numbers. >> but let's not forget the inner-city, in very tough times for a lot of people. if you look at the numbers that just came out on food stamps, the most recent number is august, went up about 421,000 people in the month of august for food stamps. >> but greta, the president did not lose the inner city.

>> i'm saying that, the economy in those areas, we have -- everyone has completely ignored it. >> in the second term, i think there will be a commitment out of this white house to pay attention to those issues. but, you know, it didn't help that the republican party called the president a food stamp president. more anti-poverty funding since -- >> i want to pick up on something -- hold on a second. i want to pick up on something that congressman schock was just talking about, immigration. you heard paul gigot, house speaker john boehner, sean hannity has evolved on the issue of immigration. >> you have point on me? >> two questions, will it happen now and is that enough for the republican party? >> it's not the only thing they need to do. it's an important threshold issue for an awful lot of --

not just for hispanic voters but for asian voters. it has shrunk to 33% in 2004. 26% this time. why in the world should chinese americans vote so much less for republicans than eight years ago? >> what is the answer? >> i think the answer is they're getting a message, you're really not welcome. part of that is the threshold question of immigration. and republicans need to address that. look, if the iceberg breaks up on immigration, this sort of the conservative part of the republican coalition, there's been an unwillingness to consider immigration reform. it's just been closed off. mitt romney hasn't been willing to address that. he used words like self-deportation. >> i don't think though that the democrats have done a terrific amount in that area either. i went to the president obama's speech gave at american university about what he was

going to don oim grags. >> greta, don't forget it took the organization, the organizing of the dreamers to push president obama to do what he did with executive action. i think you'll see more of that and the republican party has just been closed off to any of those voices. >> when democrats were in charge of the house, we in fact passed the dream act out of the house and could not break a filibuster in the senate to make sure we could move it to the president's desk. wait a second, it was the republicans that stood in the way of that. immigration is about a core set of values that believes in building the middle class. strengthening our protections. and opportunities for education. hispanics care about those things, too. we talked about immigration. but the big immediate challenge facing both democrats and republicans in washington, the

president as well, this fiscal cliff coming up on december 31st. and also gets into the whole question, what the mandate of the election was? let's hear from both the speaker and the president on that. >> if there's a mandate in yesterday's results it's a mandate for us to find a way to work together on the solutions to the challenges that we all face as a nation. >> on tuesday night, we found out that the majority of americans agree with my approach. and that includes democrats, independents and a lot of republicans across the country. >> president there with some tougher talk. than perhaps we have seen before. congressman schock, you were echoing the words of the speaker. lot of reporting that the speaker was very firm with members of your conference this time around. he wants to make sure they fall in line behind his leadership. in getting a deal. what does that mean is this time around? is your conference ready to come forward with some revenues to make a deal work?

>> as you saw in the bob woodward book, the evidence is out there. john boehner extended a hand of revenue the last time and the president walked away from the table with 8$800 billion, wantig over $1 trillion. what we really need from the president is leadership. we need from the president the other side of the ledger. he talked throughout his campaign about a balanced approach. he talked about raising taxes on filers over $250,000. but, the fact is, tax increase on people over $250,000, that's $80 billion we're running a trillion-dollar deficit. where the president needs to lead is, put forward a budget and a plan that deals with the major drivers of our debt. if he doesn't like some of our reforms that's fine. but we can't negotiate with ourselves and at this point the

house is the only that's led on these issues. >> the president had some of those ideas that he brought to the speaker, but will the democratic caucus follow him on that? >> one of the things that the president said and we heard this last week, he really does want a balanced approach to this. he has put on table $1 trillion over ten years removing the tax cuts for filers over $250,000. he ran on this. not like the american people didn't hear what he said during the election. >> the president seems pretty determined and he had jay carney came out on friday, he would veto anything that extends tax rates for anyone over 250,000. the chances of america going off the cliff are at least 30%? >> i agree. the president made no

concessions at all. the problem that he has, above all, we're talking like accountants here, what he needs above all is economic growth. 3% to 4% growth. that's what carried reagan and clinton in their second terms. >> i agree with paul gigot. americans voted decisively for fair-share taxes on the riches, protecting medicare. americans want growth and investment. you can't get growth and investment in spending cuts. i think part of the problem we're having, george, is the fundamental assumptions overriding this entire discussion. senator murray said that we have a big debt and deficit problem, no, we don't. we have a big public investment and jobs problem. we're not greece. austerity, if you believe in evidence based in politics and economic, you look look at

what's going on in europe, austerity, american-style in this country, has led to economic pain, has led to killing growth. killing growth. >> wait a minute. it's my turn on this. >> debt and deficit. >> what i don't understand is, how do american people let all of these members of congress, the senate and the president off the hook? we're now going to go off the fiscal cliff. we have known about this since july of last year. all they have done is absolutely nothing. >> nothing that couldn't get done. >> but, you know what, of course, that's the deplorable thing. we all say that's the way it is. nothing ever gets done. i'm surprised that the american people, everybody knows about this, the government has been on stall. that's the way it is. that's the way it's always done. but now it's fiscal cliff where a lot of americans are going to get hurt. >> and greta, i think what the president has laid out, think he's been very reasonable. we said that we need balance.

we'll make investments in infrastructure and education in research and development. things that will make us competitive and contribute to the growth that all of us want. i think that's incumbent now for a slimmer republican majority in the house, slimmer major -- a large majority in the senate and the president to actually come together where we can. we all actually agree that we need to keep those tax cuts for people making up $250,000. >> here's part of the question for you, congressman schock, i think there's some bipartisan agreement that closing loopholes would be a way to go to raise revenues, but the problem has been the math you can't get enough to actually fill the hole by simply closing loopholes. >> i'm glad you bring up math. once again, we have heard about the president's plan to raise taxes on wealthy individuals as a means to deal with our debt crisis. the reality is, the math doesn't

add up. we can't tax our way out of debt. that's the fact. if we have to deliver a calculator the white house in order to get a budget from him that works, i'm not willing to go along with a straight-up tax increase that the president wants. okay? even if he gets what he wants, it needs to be balanced. okay, mr. president, you want to raise taxes by trillion dollars over ten years, we're running a trillion-dollar deficit every year. you don't have a lot of optimism coming out of republicans, we have been out there leading with our chin the last two years with a budget, our president has criticized us left and right on our proposals. >> the exit polls -- >> neither party is talking about waste. i mean, you're talking didn't -- no, they're not. >> it's part of the culture. >> what strikes me is, if you look at the exit polls, majority

of the voters said it was about jobs and growth were their concerns. you can't cut your way to growth. >> you can't tax your way to growth, either. >> a tax cut has never built a build or helped with a deteriorating insfrfrastructure this country. don't you turn to the issue of issue of deficit. the president needs to go out to the country and speak to those voters who said their main priority was growth and jobs. and i think how he does this will set the tone for his second administration. >> i want to get to one more issue before we take a break, evolution on social issues. three states passed referendums on gay marriage and legalizing the use of marijuana.

congressman, we still have a red/blue divide on gay marriage. your home state of maryland. >> well, that's right. my home state of maryland passed our marriage equality act. it passed by a narrow margin, but it means that we have come quite a distance. we also passed the dream act in maryland as well. so, i mean, i think what you're seeing is an evolution across the board. americans are saying we don't need the government in the middle of our bedrooms and we need to end discrimination across the board, and so, whether you're gay or straight, in maryland, at least, you'll have the ability to get married. >> is this a healthy development? >> i think it is. what you're doing, you're seeing very contentious cultural issues, where we are have this divide, being decided democratically, at the ballot box, through which both sides have to accept and i think letting that play out in the states as opposed to some

kind of judicial from above is the way to handle this over the time. >> will this make the supreme court more or less likely to take on gay marriage this term? >> what's so significant about this, it wasn't a legislature. it was the people of the states speaking. this is a big difference than what we have. these are the people in their states, they have made their decisions. the more interesting is the marijuana because that conflicts with federal law. and i don't know how they're going to reconcile that. >> the attorney general has been silent on that so far. >> i'm hoping that the president and the attorney general use this opportunity to ratchet down the drug war which will benefit latinos and african-americans. after all, the three last presidents of did when they were young. >> they didn't inhale. >> but i think as donna said,

you're seeing an astonishing the tolerance and social values. the idea that young people don't want government in their bedrooms. one proposition that i find really interesting is the one in california showing the kind of antitax hysteria. that was an important one for the future. >> good luck, california, on the economy with that one. >> what should the justice do now in colorado and washington? >> if i look at the precedence, i think they'll be overturned. it just conflicts with federal law. >> so with arizona and the immigration. >> i don't think this will hold up, at least, under current supreme court precedent. one more round to go. which candidates are already making their moves for 2016? the roundtable weighs in on that. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses

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part of a whole new line of tablets from dell. it's changing the conversation. ♪ ♪ already there's a new survey that says hillary clinton is favored to win the iowa caucuses in 2016. think they could have waited until we unsealed the i vote stickers? to summarize, a woman whon't expressed any interest in running is well ahead of some other people that aren't running. good study. never too early. lightning-round right now. congressman schock, who are you going to be watching most closely. where are you on the hillary

versus biden? >> well, first, anyone who travels to iowa that doesn't represent iowa is self-identified as a potential candidate. marco rubio is heading there is leading the pack. marco rubio. paul ryan. certainly as a vp nominee. bobby jindal. certainly if chris christie wins re-election he would be in that pack. biden or hillary? my money is on hillary. >> i don't know. i'm a biden fan and hillary fan. i'm going to wait at least for a little while. >> greta? >> keep your eye on governor susana martinez. out of new mexico. she's a republican in a democratic state. she handled their deficit problem. she was against -- she came out against something that governor romney said, the self-deportation, so she was on the outs a little bit with republicans. i would keep an eye on her over senator rubio. because she's governor. >> speaking as a journalist i'm a biden man.

i like joe, he provides great copy. on the republican side, if george jeb bush runs he has to be the favorite. thank you very much. thank you all, fantastic roundtable. congressman schock will be answering the questions you have on twitter. look for that on abcnews.com/thisweek later today. on this veterans day, we honor our fellow americans who serve and sacrifice. this week, the pentagon released the names of four soldiers killed in afghanistan. the names of four soldiers killed in afghanistan. and when we come back, election night predictions. which of you got it right? which of you got it right? i'm a conservative investor. i invest in what i know. i turned 65 last week. i'm getting married. planning a life. there are risks, sure. but, there's no reward without it. i want to be prepared for the long haul. i see a world bursting with opportunities. india, china, brazil, ishares, small-caps,

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that we call a winner between 11:00 p.m. and 12:00. congrats to chris chew of stephenville, texas, and ben barry of washington, d.c., you beat our entire roundtable. the closest here was donna brazile. who guessed 313 electoral votes for obama. thank you for sharing part of your sunday with us. check out "world news" with david muir tonight. tomorrow on "good morning america" we'll talk with jake tapper about his new book "the outpost." and on this veterans day, a final look at the tomb of the unknown soldier. soldier. ♪

>> develop news in indianapolis. a huge explosion damages two homes and kills two. today is the annual veteran's day paw ray. a live report. >> in from mount tam, a lot of sunshine beginning to that you on our north and east bay valleys. we will have another sunny afternoon, but warmer temperatures are just around the corner. the abc7 news